Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> has been granted priority review by the FDA for its second Alzheimer’s disease drug candidate, lecanemab. Approval is expected in Q1 2023.</li>
<li>Lecanemab could become the first anti-amyloid antibody to obtain full approval for Alzheimer's disease in the U.S. Eisai is aiming for submission of lecanemab in Japan and EU this fiscal.   </li>
<li>Anticancer agent Lenvima is the largest selling drug of Eisai. Revenue from Lenvima increased 44% in FY22. The drug has taken top share in hepatocellular carcinoma market.</li>
</ul>



Eisai Co Ltd (4523 JP) has been granted priority review by the FDA for its second Alzheimer’s disease drug candidate, lecanemab. Approval is expected in Q1 2023.
Lecanemab could become the first anti-amyloid antibody to obtain full approval for Alzheimer's disease in the U.S. Eisai is aiming for submission of lecanemab in Japan and EU this fiscal.   
Anticancer agent Lenvima is the largest selling drug of Eisai. Revenue from Lenvima increased 44% in FY22. The drug has taken top share in hepatocellular carcinoma market.


Eisai Co (4523 JP): Trying Another Luck for Alzheimer’s Disease; Strengthening Presence in Oncology

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<li>
<a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" data-smartkarma-citation="entities:19535:1" rel="noopener">Shionogi &amp; Co (4507 JP),</a> an established global name in infectious diseases, is banking on COVID-related products to achieve accelerated double-digit revenue growth in current fiscal.</li>
<li>Shionogi applied for the domestic marketing of its COVID-19 oral drug and signed a basic agreement with the government, which is expected to purchase 1 million courses immediately after approval.</li>
<li>It has a stable revenue stream from HIV franchise. Apart from infectious diseases, Shionogi has multiple late-stage candidates in psycho-neurological diseases and other new growth areas, including oncology and cardiology.</li>
</ul>



Shionogi &amp; Co (4507 JP), an established global name in infectious diseases, is banking on COVID-related products to achieve accelerated double-digit revenue growth in current fiscal.
Shionogi applied for the domestic marketing of its COVID-19 oral drug and signed a basic agreement with the government, which is expected to purchase 1 million courses immediately after approval.
It has a stable revenue stream from HIV franchise. Apart from infectious diseases, Shionogi has multiple late-stage candidates in psycho-neurological diseases and other new growth areas, including oncology and cardiology.


Shionogi & Co (4507 JP): Ready To Cash-In On COVID-Related Efforts; Long-Term Growth Drivers Added

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<li>
<a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> started 2022 on a strong note, with 13% y/y revenue growth in Q1. Growth was driven by four global products, which contributed 36% of total revenue.</li>
<li>Otsuka has terminated its global license agreements with Akebia Therapeutics related to vadadustat for the treatment of renal anemia and recorded an impairment loss of ¥24 billion.</li>
<li>Despite the impairment losses related to vadadustat, Otsuka reiterated 2022 guidance and expects double-digit growth in operating and net profits.</li>
</ul>



Otsuka Holdings (4578 JP) started 2022 on a strong note, with 13% y/y revenue growth in Q1. Growth was driven by four global products, which contributed 36% of total revenue.
Otsuka has terminated its global license agreements with Akebia Therapeutics related to vadadustat for the treatment of renal anemia and recorded an impairment loss of ¥24 billion.
Despite the impairment losses related to vadadustat, Otsuka reiterated 2022 guidance and expects double-digit growth in operating and net profits.


Otsuka Holdings (4578 JP) 1Q22: Global Products Continued Double-Digit Revenue Growth

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

<ul>
<li>Since I am interested in Eisai's corporate governance initiatives, this article would like to analyze them in conjunction with the situation of pharmaceutical companies.</li>
<li>Eisai has an outstandingly high rating, except for the fact that it has anti-takeover measures. The other 3 companies that have anti-takeover will need to improve corporate governance practices considerably.</li>
<li>The growth policy is reasonable and clearly explained, but there is still room for improvement in the use of the retained cash and disclosures in English for Eisai.</li>
</ul>


Since I am interested in Eisai's corporate governance initiatives, this article would like to analyze them in conjunction with the situation of pharmaceutical companies.
Eisai has an outstandingly high rating, except for the fact that it has anti-takeover measures. The other 3 companies that have anti-takeover will need to improve corporate governance practices considerably.
The growth policy is reasonable and clearly explained, but there is still room for improvement in the use of the retained cash and disclosures in English for Eisai.


Japan's Governance: Corporate Governance Evaluation of Pharmaceutical Companies

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a>  is a global R&amp;D based pharmaceutical company who has positioned neurology and oncology as its therapeutic areas of focus. Since October 2017, Biogen and Eisai have collaborated on the development and commercialisation of Aducanumab (BIIB037), an investigational treatment for Alzheimer’s disease. The US FDA accepted the Biologics License Application (BLA) for Aducanumab for review in August 2020 and was granted priority review status.US FDA briefing documents (dated 04th November) states that the FDA staff have enough data to approve the treatment, which would become the first new Alzheimer’s therapy in nearly two decades. The briefing documents have been released ahead of a meeting of outside advisers who will issue a non-binding vote on whether to recommend Aducanumab’s approval. These experts are scheduled to meet on Friday, 06th November.Eisai’s shares have climbed 18% during Thursday’s trading following the release of the FDA briefing document. In this insight, we take a look at Aducanumab, the collaboration agreement between Eisai and Biogen, and the impact on the company’s fundamental and valuation if the drug is approved by the FDA.

Eisai Co Ltd (4523 JP)  is a global R&amp;D based pharmaceutical company who has positioned neurology and oncology as its therapeutic areas of focus. Since October 2017, Biogen and Eisai have collaborated on the development and commercialisation of Aducanumab (BIIB037), an investigational treatment for Alzheimer’s disease. The US FDA accepted the Biologics License Application (BLA) for Aducanumab for review in August 2020 and was granted priority review status.US FDA briefing documents (dated 04th November) states that the FDA staff have enough data to approve the treatment, which would become the first new Alzheimer’s therapy in nearly two decades. The briefing documents have been released ahead of a meeting of outside advisers who will issue a non-binding vote on whether to recommend Aducanumab’s approval. These experts are scheduled to meet on Friday, 06th November.Eisai’s shares have climbed 18% during Thursday’s trading following the release of the FDA briefing document. In this insight, we take a look at Aducanumab, the collaboration agreement between Eisai and Biogen, and the impact on the company’s fundamental and valuation if the drug is approved by the FDA.

Eisai: Shares Surge on Positive Review of Drug Candidate; Blockbuster Potential if Approved

Japan

Eisai Co., Ltd. produces prescription drugs and medical equipment and sells mainly to sales agents and subsidiaries.  Through its subsidiary, Sanko Junyaku, the Company produces and sells diagnostic drugs.  Eisai also markets its products through related companies in the US, Europe, and Asia.  The Company also manufactures and sells foods, livestock feeds, chemical, and agrochemicals.

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Eisai Co Ltd (4523 JP)

Eisai Co (4523 JP): Trying Another Luck for Alzheimer’s Disease; Strengthening Presence in Oncology

Eisai is expected to receive FDA approval for its second Alzheimer’s disease drug, lecanemab in Q1 2023. The company is also aiming for submission...

Tina Banerjee

Otsuka Holdings (4578 JP) 1Q22: Global Products Continued Double-Digit Revenue Growth

Otsuka reported 13% y/y revenue growth in Q1, driven by four global products and reiterated 2022 guidance. Despite recent pipeline blues, Otsuka’s...

Tina Banerjee

Japan's Governance: Corporate Governance Evaluation of Pharmaceutical Companies

Since I am interested in Eisai's corporate governance initiatives in the ESG meeting on Dec 21, this article would like to analyze them in...

Metrical Inc

Eisai: Shares Surge on Positive Review of Drug Candidate; Blockbuster Potential if Approved

Biogen and Eisai have collaborated on the development and commercialisation of Aducanumab, an investigational treatment for Alzheimer’s disease....

Shifara Samsudeen, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Eisai Co (4523 JP): Trying Another Luck for Alzheimer’s Disease; Strengthening Presence in Oncology

Eisai is expected to receive FDA approval for its second Alzheimer’s disease drug, lecanemab in Q1 2023. The company is also aiming for submission...

Tina Banerjee

Shionogi & Co (4507 JP): Ready To Cash-In On COVID-Related Efforts; Long-Term Growth Drivers Added

After the approval for COVID-19 oral drug in Japan, Shionogi expects to receive supply order from the government for 1 million doses. COVID...

Tina Banerjee

Otsuka Holdings (4578 JP) 1Q22: Global Products Continued Double-Digit Revenue Growth

Otsuka reported 13% y/y revenue growth in Q1, driven by four global products and reiterated 2022 guidance. Despite recent pipeline blues, Otsuka’s...

Tina Banerjee

Japan's Governance: Corporate Governance Evaluation of Pharmaceutical Companies

Since I am interested in Eisai's corporate governance initiatives in the ESG meeting on Dec 21, this article would like to analyze them in...

Metrical Inc

Eisai: Shares Surge on Positive Review of Drug Candidate; Blockbuster Potential if Approved

Biogen and Eisai have collaborated on the development and commercialisation of Aducanumab, an investigational treatment for Alzheimer’s disease....

Shifara Samsudeen, FCMA, CGMA